Eoptolink targets up to $5bn in Hong Kong IPO

Eoptolink Technology has filed for a Hong Kong listing that could raise as much as $5bn, according to Bloomberg — a sharp increase from the roughly $3bn deal size reported about three months ago when the company first selected banks.

The move lands at a moment when Hong Kong’s exchange has been drawing in mainland Chinese hardware companies, including Apple suppliers and AI-chip listings. That rebound has become one of the territory’s defining market stories in 2026, with companies such as Luxshare also pursuing offshore share sales.

Eoptolink is already listed in Shenzhen on the ChiNext board under ticker 300502. A Hong Kong debut would give it a second offshore listing under the A+H structure, allowing the company to tap international investors while keeping its mainland listing intact.

Its core business is optical transceivers, the modules that convert electrical signals into light and back again so data can move quickly between servers. Eoptolink sells products ranging from 100G parts to 1.6T modules used in the latest AI data centers, where large clusters of GPUs are connected through fiber.

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That market has been highly lucrative as demand shifts from 400G to 800G and now 1.6T. According to company filings, 2025 revenue rose 187% year over year to 24.84bn yuan ($3.67bn), while net profit climbed 236% to 9.53bn yuan. Growth continued into 2026, with first-quarter revenue more than doubling to 8.34bn yuan and net profit rising 77% to 2.77bn yuan.

Investors have already rewarded that surge. Eoptolink’s Shenzhen-listed shares imply a market value of about 780bn yuan, or roughly $110bn. The company was only the world’s seventh-largest transceiver supplier in 2022, before AI spending rapidly reshaped the sector.

It also expanded through acquisitions, including its 2022 purchase of US company Alpine Optoelectronics, which gave it exposure to silicon photonics.

The Hong Kong listing still needs approval from shareholders and regulators on both sides of the border. There is also a geopolitical complication: Washington placed Eoptolink on a US Defense Department list in October 2025 over alleged military ties, a designation that does not ban trading but could raise risk concerns for Western investors.

For now, the headline number is the filing’s new target: up to $5bn, roughly two-thirds more than the amount Eoptolink was said to be seeking in April.